Essentially, yes. Once you have extracted the metric data from the raw events, you can delete the raw events. For example, the raw events might be useful for looking at current issues, but let's say after 3 months, the data is too old to be of any value for problem analysis. However, it might be useful to know how traffic flow has changed over the last 6 months or a year. You don't need the raw data for this, you just need some useful metrics from the data, e.g. hourly counts, hourly average response times, etc. So, you collect this metrics data and keep that while removing raw events older than 3 months.
